Items Tagged with 'Puerto Rico'


  • Hurricane Maria drives Americans to invest in Puerto Rican homes

    Home prices drop 15% since storm
    At the end of last year, Puerto Rico suffered a devastating hurricane, which some estimates say killed as many as 5,000 and left the island without power for weeks. Now, Americans are moving in on the island, capitalizing on the downward trend in real estate prices due to the storm. A new study shows home prices on the island decreased by an average 15% since the storm.
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  • Puerto Rican mayor arrested for misuse of HUD funds

    Mayor and 2 others accused of defrauding government of $8 million
    A Puerto Rican mayor and two former government officials are accused of misusing funds from HUD and other government agencies. The three officials were recently arrested on corruption charges that involved $8 million in federal and local funds.
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  • Judge again extends FEMA evictions of Hurricane Maria victims

    Evictions now pending formal hearing
    On Saturday, a federal court ordered a temporary halt of evictions for nearly 2,000 victims of Hurricane Maria, and now the court is again extending the halt on the evictions. After a meeting Tuesday, Judge Timothy Hillman issued an order backing the extension of the temporary restraining order to July 23, pending a formal hearing.
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  • Court temporarily halts evictions of 2,000 Puerto Rican disaster victims

    NLIHC calls on Congress for permanent solution
    A federal court ordered a temporary halt Saturday of the eviction of nearly 2,000 victims displaced by 2017’s natural disasters. The lawsuit alleged that FEMA was planning to prematurely abort its assistance to thousands of Puerto Ricans displaced by Hurricane Maria. But the temporary halt will not last long, and groups are now urging Congress to act.
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  • FHA extends foreclosure moratorium for HECM borrowers in Puerto Rico, Virgin Islands

    Extends foreclosure freeze for hurricane victims
    Earlier this month, HUD announced that the FHA would be extending the foreclosure moratorium for Hurricane Maria victims in Puerto Rico and the U.S. Virgin Islands. The extension dealt only with forward borrowers, but HUD and the FHA are now extending the foreclosure moratorium for Home Equity Conversion Mortgage borrowers as well.
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  • HUD awards $1.5 billion to Puerto Rico hurricane relief

    Pamela Patenaude announces grants in third visit to island
    The U.S. Department of Housing and Urban Development announced it will award $1.5 billion in grants to help Puerto Rico recover from hurricanes Irma and Maria. The announcement was made by HUD Deputy Secretary Pamela Hughes Patenaude alongside Governor Ricardo Rosselló during her third visit to the island since the hurricanes occurred.
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  • Puerto Rican foreclosure crisis sends residents flooding to U.S.

    For sale signs go up all over island
    The Puerto Rican foreclosure crisis is currently worse than the U.S. foreclosure crisis at its peak in 2010. As the economy worsens, residents continue to flee the island, flooding into Texas and Florida. Some homeowners even leave their keys in their home, abandoning everything on their way out.
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  • Rushmore Loan Management Services to open branch in Puerto Rico

    Expands loan servicing operations with office in San Juan
    The company plans to hire approximately 50-60 new employees to staff the San Juan office. According to Rushmore CEO Terry Smith, Rushmore will immediately begin servicing approximately 4,000 residential loans and REO when the branch office opens in November.
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